MOSCOW, November 28 - RAPSI. The Federation Council approved on Friday a new law extending the powers of the Federal Service for Financial Markets in the legal regulation of insurance business.

The Federal Service for Insurance Supervision is merging with the Federal Service for Financial Markets. The law redistributes functions performed by the federal authorities on the financial market. In this context the financial market service is expected to be empowered with legal regulation in the insurance sector.

The service will be authorized to determine a list of documents the insurer will be obliged to keep as well as the documents safety standards.